California Resources (NYSE:CRC) Cut to “Neutral” at Pickering Energy Partners

California Resources (NYSE:CRC) was downgraded by stock analysts at Pickering Energy Partners from an “outperform” rating to a “neutral” rating in a note issued to investors on Friday.

Other research analysts also recently issued reports about the stock. Royal Bank Of Canada set a $70.00 target price on shares of California Resources in a research note on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of California Resources in a research report on Wednesday, October 8th. UBS Group set a $64.00 target price on California Resources and gave the stock a “buy” rating in a research report on Friday, December 12th. Jefferies Financial Group set a $71.00 price target on California Resources and gave the stock a “buy” rating in a research note on Sunday, September 21st. Finally, Zacks Research lowered California Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 1st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.27.

California Resources Price Performance

Shares of NYSE CRC opened at $46.58 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.89 and a quick ratio of 0.78. California Resources has a 1-year low of $30.97 and a 1-year high of $58.41. The company has a market capitalization of $3.90 billion, a price-to-earnings ratio of 10.83 and a beta of 1.15. The business has a 50-day moving average of $46.38 and a 200-day moving average of $48.47.

California Resources (NYSE:CRC) last released its quarterly earnings results on Tuesday, November 4th. The oil and gas producer reported $1.46 EPS for the quarter, topping the consensus estimate of $1.31 by $0.15. California Resources had a return on equity of 11.59% and a net margin of 10.60%.The firm had revenue of $855.00 million for the quarter, compared to analyst estimates of $888.58 million. During the same period in the previous year, the company posted $1.50 EPS. California Resources’s revenue for the quarter was down 36.8% on a year-over-year basis. On average, equities analysts anticipate that California Resources will post 3.85 EPS for the current fiscal year.

Hedge Funds Weigh In On California Resources

Large investors have recently added to or reduced their stakes in the company. Creative Planning lifted its position in shares of California Resources by 58.9% in the 2nd quarter. Creative Planning now owns 37,673 shares of the oil and gas producer’s stock worth $1,721,000 after buying an additional 13,962 shares during the last quarter. Voya Investment Management LLC grew its position in shares of California Resources by 27.6% during the 1st quarter. Voya Investment Management LLC now owns 52,384 shares of the oil and gas producer’s stock valued at $2,303,000 after buying an additional 11,336 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in California Resources during the second quarter worth about $1,267,000. Hsbc Holdings PLC raised its stake in California Resources by 103.5% during the second quarter. Hsbc Holdings PLC now owns 44,097 shares of the oil and gas producer’s stock worth $2,017,000 after acquiring an additional 22,428 shares during the period. Finally, Wealth Enhancement Advisory Services LLC bought a new position in California Resources in the second quarter worth about $624,000. 97.79% of the stock is currently owned by institutional investors.

California Resources Company Profile

California Resources Corporation (NYSE: CRC) is an independent exploration and production company focused exclusively on developing oil and natural gas assets in California. Headquartered in Newport Beach, the company engages in hydraulic fracturing, well completions, reservoir management and enhanced recovery operations to produce crude oil, natural gas and natural gas liquids.

CRC’s operations are concentrated in three core regions: the Los Angeles Basin, the Ventura Basin and the San Joaquin Basin.